Bitcoin Price Analysis: BTC Price Signals Trend Reversal amid Rising Cash Rotation to Altcoins

Key Notes

• Bitcoin price has signaled a fresh bullish momentum after three months of consolidation between $91K and $109K.
• The BNB Chain altcoins -led by CAKE and BAKE - have rebounded significantly in the last 24 hours.

The cryptocurrency market, led by Bitcoin

BTC $95 810

24h volatility: 0.5%

Market cap: $1.90 T

Vol. 24h: $48.14 B

, has attempted to mirror Gold price action, which has been in price discovery since early February 2024. In the last two weeks, Gold price has rallied over 11% to reach a new all-time high of about $2,940 per ounce in the last 24 hours.

As a result, retail and institutional investors have been rushing to reposition their portfolios in preparation for a crypto parabolic rally in the near future. Furthermore, the mainstream adoption process of digital assets has reached the nation-state level after institutional investors got involved in the last few years.

Midterm Bitcoin Price Expectations

Bitcoin price has been trapped in a horizontal consolidation channel between $91K and $109K in the past three months. However, crypto analyst Ali Martinez noted that Bitcoin price has been gaining bullish momentum in the last few days, which could lead to a trend reversal.

In case of a bullish breakout beyond $109K, Bitcoin price will rally towards the next target of around $144K, which coincides with the 1.618 monthly Fibonacci extension.

The crypto analyst noted that Bitcoin price must consistently close above the resistance level of around $97.5K to invalidate bearish sentiment in the near term. Furthermore, the crypto analyst highlighted that Bitcoin price does not have a robust support level above $92K, since a drop below could lead to a crash towards $70K in the subsequent weeks.

BNB Chain Tokens Lead in Anticipated Altseason

After Bitcoin price outperformed the majority of altcoins in the past two years, the momentum shift is gradually happening in favor of layer one (L1) coins and utility-based tokens. Moreover, on-chain data shows altcoins – led by Ethereum

ETH $2 657

24h volatility: 0.9%

Market cap: $320.10 B

Vol. 24h: $27.95 B

and XRP

XRP $2.45

24h volatility: 0.7%

Market cap: $141.72 B

Vol. 24h: $4.88 B

– have registered a growth in network users compared to Bitcoin.

According to on-chain data analysis by Santiment, the total non-empty Bitcoin wallets have dropped by over 277k in the last three weeks. Consequently, the total non-empty Bitcoin wallets have dropped to the lowest level since December 10, 2024.

In the past 24 hours, BNB chain-based crypto tokens registered palpable gains compared to the wider market. As Coinspeaker noted, PancakeSwap (CAKE), the largest decentralized exchange (DEX) on the BNB Chain, has led in the weekly traded volume of about $20 billion, compared to its peers.

Related article: Bitcoin News Today: BTC Price Faces Further Bearish Sentiment, Was $109K Cycle Top?As a result, CAKE’s price

CAKE $3.03

24h volatility: 41.3%

Market cap: $882.19 M

Vol. 24h: $1.30 B

has more than doubled in the last few days to trade at about $2.96 on Thursday, February 16, during the early New York session. The mid-cap altcoin, with a fully diluted valuation of about $1.1 billion, registered a significant increase in its 24-hour average traded volume to around $1.28 billion at the time of this writing.

nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.